Almonty Announces the Appointment of Mark Gelmon as Chief Financial
Officer and Director and the Appointment of Marion McGrath as Corporate
Secretary

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES

March 14, 2017 07:15 AM Eastern Daylight Time

TORONTO--(EON: Enhanced Online News)--Almonty Industries Inc. (TSX-V:AII) (“Almonty” or the “Company”)
is pleased to announce the appointment of Mark Gelmon as the Chief
Financial Officer of Almonty, effective immediately. Mr. Gelmon also was
appointed to the Board of Directors and as a member of the Audit
Committee. Mr. Gelmon succeeds Dennis Logan, who resigned from the CFO
position and as a director of Almonty to pursue other interests. Almonty
is also pleased to announce the appointment of Marion McGrath as
Corporate Secretary.

Mr. Gelmon obtained his Bachelor of Arts degree at the University of
British Columbia and subsequently attained his CPA, CA designation in
1995 and is a member of the Chartered Professional Accountants of B.C.
Mr. Gelmon previously served as Chief Financial Officer of Almonty’s
subsidiary, Woulfe Mining Corp. (“Woulfe”), the owner of Almonty’s
interest in the Sangdong Tungsten mine in South Korea, from early 2010
until September 2015 when the Company acquired Woulfe.

Mr. Gelmon has provided his expertise to several TSX Venture Exchange
listed companies in the capacity of director, chief financial officer
and consultant and is a partner, together with Ms. McGrath, of iO
Corporate Services Ltd.

Marion McGrath has been actively engaged in the securities industry for
over 30 years specializing in corporate governance and compliance of
issuers listed on the TSX Venture Exchange. Ms. McGrath is the founding
partner of iO Corporate Services Ltd., which company provides corporate
and accounting services to various publicly-traded Canadian companies.
Prior to organizing iO Corporate, Ms. McGrath was a senior paralegal
with a Vancouver-based securities law firm.

Almonty’s Chairman, President and CEO Lewis Black said:

“We are delighted to have Mark Gelmon and Marion McGrath join Almonty as
CFO and Director and as Corporate Secretary, respectively. Mr. Gelmon is
a highly accomplished chief financial officer and his familiarity with
Woulfe Mining Corp. and the Sangdong project from his previous
experience will allow him to immediately contribute towards the success
of that project, which is the next critical piece of Almonty’s
diversification and growth strategy. On behalf of the Board, I would
also like to thank Mr. Logan for his years of service to Almonty. We
wish him well in his future endeavours.

Our development of the Sandong mine is continuing on schedule and we are
excited about the progress we have made to date.”

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc.
is the mining, processing and shipping of tungsten concentrate from its
Los Santos Mine in western Spain, its Wolfram Camp Mine in north
Queensland, Australia and its Panasqueira mine in Portugal as well as
the development of the Sangdong tungsten mine in Gangwon Province, Korea
and the Valtreixal tin/tungsten project in north western Spain. The Los
Santos Mine was acquired by Almonty in September 2011 and is located
approximately 50 kilometres from Salamanca in western Spain and produces
tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in
September 2014 and is located approximately 130 kilometres west of
Cairns in northern Queensland, Australia and has produced tungsten and
molybdenum concentrate, although the Wolfram Camp Mine is not currently
producing due to ongoing refurbishment of the processing plant. The
Panasqueira mine, which has been in production since 1896, is located
approximately 260 kilometres northeast of Lisbon, Portugal, was acquired
in January 2016 and produces tungsten concentrate. The Sangdong mine,
which was historically one of the largest tungsten mines in the world
and one of the few long-life, high-grade tungsten deposits outside of
China, was acquired in September 2015 through the acquisition of a 100%
interest in Woulfe Mining Corp. Almonty owns 51% of, and also has an
irrevocable option to acquire a 100% ownership interest in, the
Valtreixal tin-tungsten project in north-western Spain. Further
information about Almonty’s activities may be found at www.almonty.com
and under Almonty’s profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words “estimate”, “project”,
“belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon or
comparable terminology are intended to identify forward-looking
statements and information. This press release contains forward-looking
statements and information. These statements and information are based
on management’s beliefs, estimates and opinions on the date that
statements are made and reflect Almonty’s current expectations.

Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Almonty to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: any specific risks relating to
fluctuations in the price of ammonium para tungstate (“APT”) from which
the sale price of Almonty’s tungsten concentrate is derived, actual
results of mining and exploration activities, environmental, economic
and political risks of the jurisdictions in which Almonty’s operations
are located and changes in project parameters as plans continue to be
refined, forecasts and assessments relating to Almonty’s business,
credit and liquidity risks, hedging risk, competition in the mining
industry, risks related to the market price of Almonty’s shares, the
ability of Almonty to retain key management employees or procure the
services of skilled and experienced personnel, risks related to claims
and legal proceedings against Almonty and any of its operating mines,
risks relating to unknown defects and impairments, risks related to the
adequacy of internal control over financial reporting, risks related to
governmental regulations, including environmental regulations, risks
related to international operations of Almonty, risks relating to
exploration, development and operations at Almonty’s tungsten mines, the
ability of Almonty to obtain and maintain necessary permits, the ability
of Almonty to comply with applicable laws, regulations and permitting
requirements, lack of suitable infrastructure and employees to support
Almonty’s mining operations, uncertainty in the accuracy of mineral
reserves and mineral resources estimates, production estimates from
Almonty’s mining operations, inability to replace and expand mineral
reserves, uncertainties related to title and indigenous rights with
respect to mineral properties owned directly or indirectly by Almonty,
the ability of Almonty to obtain adequate financing, the ability of
Almonty to complete permitting, construction, development and expansion,
challenges related to global financial conditions, risks related to
future sales or issuance of equity securities, differences in the
interpretation or application of tax laws and regulations or accounting
policies and rules and acceptance of the TSX-V of the listing of Almonty
shares on the TSX-V.

Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to, no material
adverse change in the market price of ammonium para tungstate (APT), the
continuing ability to fund or obtain funding for outstanding
commitments, expectations regarding the resolution of legal and tax
matters, no negative change to applicable laws, the ability to secure
local contractors, employees and assistance as and when required and on
reasonable terms, and such other assumptions and factors as are set out
herein. Although Almonty has attempted to identify important factors
that could cause actual results, level of activity, performance or
achievements to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate and even if events
or results described in the forward-looking statements are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking statements
and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material factors is not exhaustive. When relying on Almonty’s
forward-looking statements and information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events.

Almonty has also assumed that material factors will not cause any
forward-looking statements and information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE
ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.

Contacts

For further information, please contact:Almonty Industries
Inc.Lewis Black, +1-647-438-9766Chairman, President and CEOinfo@almonty.com

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